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Why big banks like JPMorgan and Citi want to put Wall Street on a Blockchain

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Aug 16, 2023

KEY POINTS

U.S. financial institutions want to use blockchain to speed up trades on Wall Street
$5 trillion in assets could be tokenized on blockchains in the next five years, according to a June report from Bernstein
The technology could face headwinds from U.S. regulators.

Banking titans such as JPMorgan and Citi want to supercharge Wall Street by borrowing a tool from crypto — tokenizing assets on a blockchain.

“Once you have these assets that are tokenized, there are so many different use cases for them,” said Elliot Han, head of digital assets at Cantor Fitzgerald.

Create your Own Blockchain!!

“A traditional stock certificate is nothing more than a token that represents ownership of the keys of a company,” said James Angel, an associate professor at Georgetown University.

The technology could face regulatory headwinds. U.S. agencies like the Securities and Exchange Commission are cracking down on crypto companies. In May, the agency sued crypto exchanges Binance and Coinbase over alleged securities violations, and Chair Gary Gensler also requested millions of dollars in increased funding to rein in the “Wild West” of crypto.

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Source - https://www.cnbc.com/2023/07/26/why-big-banks-like-jpmorgan-want-put-wall-street-on-a-blockchain.html

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